Lol - I thought you might react to that - it was meant in light hearted spirit.
There is very much something to be said about devoting yourself completely to trading, but I personally feel that should only come after a little experience.
Otherwise you are liable to go down the wrong rabbit hole.
And another point, as a end of day trader I personally would find it hard to occupy my 50 hours a week trading.
The very notion of having to devote 50 hours a week to it, would at some point lead me down the road of over trading.
But as you point out there is more than one way to approach it.
I feel like if you plan on adding to winners you should focus on weekly charts. If you cant check the charts during the day then you can miss the opportunity to add. It makes me think new people like myself should start on weekly possibly monthly charts. Then as we progress we can lower the time frame.
I would suggest any free time you get try to read up and do any courses you can do. Possibly on a lunch break ect. It is hard to juggle it but worth it. I was working a 40+ hour weeks and did as much as I could when I had free time.
You would need to dedicate time to your forex trading career as much as you do to your full-time job. And the best part is that you are not time bound to trade forex as the market is open for 24/5. You can choose a suitable time and try your best trade at that time every day.
My advice is select one symbol and trade on a daily or weekly chart. This is rather easy to do, but takes extreme levels of discipline with holding trades.
Personally I find that NZDUSD is an easy symbol to trade on the daily chart. Look at zones with multiple monthly pivots, and keep an eye on the news. A trade I’m very excited about is NZDUSD short, which will probably form late 2021 / early 2022. I believe the USD is still the global trade currency and despite usd printing is still undervalued now. The question is how much more will it depreciate?
As you can see I’ve built a fundamental bias for a trade, and I highly recommend doing this. Swing trading with a solid fundamental argument can give a very high R/R. These days I will trade without a set SL / TP, and look to hold a trade for a month +.
Have a lot of patience, and try not to let the market scare you.
Check out George Soros GBP trade, Andy Krieger’s NZDUSD trade - having a strong bias for why a currency is over/under valued allowed these traders to risk significant portions of capital on one trade. Not as sexy as technical analysis, but effective nonetheless.
Hi @toul0use3, don’t push yourself for forex trading even if you have enough funds (alternative way: follow ForexCopier where you can see other trader’s activities and perform your every trade by following them). Just let me first clear up one thing — it’s not called “forex” by industry insiders. People at large hedge funds/banks call it “foreign exchange”, “FX”, or “currencies.”
So, yes, you can join an FX desk at a bank or hedge fund and do very well. This can mean being a trader, an analyst, or a quantitative researcher. I’ve known people with positions like Head of Currency Trading at a big hedge fund that had very successful careers and made millions many times over.
Start with analyzing the past week’s market and whatever time you get, maybe an hour or so, just focus your energy in learning. It’s a good thing you aren’t quitting on your current job. Improve your skills and always go the demo way first.
That is not much of a problem until you go for day trading and of course you cannot as per your schedule. You can also go for automated trading which makes use of EAs.
You can also look at trading during the weekends or at night. But if you just want to try trading for some time and have a feel of it, automated trading is the right choice for you!
Many people are interested in day trading but are afraid of making it their full-time profession or quit their day job to do so. Many professional day traders, in reality, only trade part-time, for one to three hours per day, before moving on to something else.